In a move highlighting growing competition in cross-border payments, J. P. Morgan Chase has launched GBP-denominated Blockchain Deposit Accounts for its Kinexys Digital Payments (KDP) platform in London. The bank noted that this is among the first products of its kind in the U. K. to have live corporate clients. Trading market infrastructure firm LSEG is one of the initial users. Its SwapAgent division, along with global commodities giant Trafigura, are the first to open blockchain accounts based in London. These accounts are designed to facilitate 24/7 real-time payments and foreign exchange (FX) settlements among global financial centers. This rollout builds on prior Kinexys launches—particularly the EUR-denominated blockchain accounts in Frankfurt—and emphasizes the bank’s effort to enhance operational efficiency and reduce transaction friction for multinational corporations. Key Details from the Announcement: - 24/7 Cross-Border Transactions: Clients can now easily transact in USD, EUR, and GBP at any time, including weekends and outside traditional banking hours. - Enhanced FX Capabilities: With same-day and near-real-time settlements integrated into its blockchain system, J. P. Morgan Chase offers greater flexibility and faster processing for corporate treasury functions. SwapAgent, part of LSEG’s Post Trade Solutions, plans to use these new accounts in its digital post-trade services pilot, aiming to expand blockchain use. “Incorporating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent services could enable us to operate beyond traditional branch cut-off times and manage settlements programmably in the future, ” said Nathan Ondyak, CEO of SwapAgent. Meanwhile, Trafigura, one of the world’s largest commodities suppliers, intends to employ the London-based accounts to support continuous global payments across financial hubs in New York, London, and Singapore. Chris McLaughlin, Global Head of Group Treasury at Trafigura, stated that the partnership “will enable 24/7 near-real-time payments across major global financial centers, ” providing greater efficiency for cross-border transactions. J. P.

Morgan reports that since Kinexys’s launch in 2019, the platform has processed more than $1. 5 trillion in transaction volume, with average daily transactions surpassing $2 billion and achieving 10x year-over-year growth in payments. Besides deposit accounts, KDP offers a Programmable Payments feature featuring an “if-this-then-that” interface, enabling corporate clients to automate treasury workflows and improve liquidity management. In November, J. P. Morgan announced a major upgrade to its blockchain platform, rebranding it from Onyx to Kinexys. The bank is integrating Kinexys Digital Payments with J. P. Morgan FX Services for on-chain FX settlement, reinforcing Kinexys’s position as a key player in digital cross-border payments and foreign exchange. Initially supporting USD and EUR, with plans to add more currencies, this integration allows clients to conduct near-real-time FX transactions and settlements through J. P. Morgan’s global FX platform. This advancement aims to reduce FX settlement risk significantly and speed up trade settlements, potentially transforming how companies handle international payments. “Together with our clients, we seek to move beyond the constraints of legacy technology and realize the potential of a multichain world, ” said Umar Farooq, co-head of J. P. Morgan Payments. “Our objective is to foster a more connected ecosystem that breaks down disparate systems, enables greater interoperability, and overcomes the limitations of today’s financial infrastructure. ”